From: Danny Meyer

Date: December 19, 2016

Subject: News regarding Union Square Events

Dear USHG Colleagues,

As you may recall, USHG has jointly owned Union Square Events with the Related Companies since 2012, when Related made an investment to own roughly 49% of USE.  

I am pleased to let you know that USHG has just completed a transaction to repurchase 100% of our equity interest from the Related Companies.  This is consistent with the “One Ball of Wax” strategy we have discussed with you, allowing us more efficiently, effectively, and freely to deploy our talent and resources across each of our USHG businesses – and to grow responsibly in the process. 

Thanks to our colleagues at USE, we have built a solid relationship with Related over these past five years. And as sole-owners of USE, we will be able to consider other business opportunities with them down the road.

Ron Parker, Ashley Campbell, and Avisheh Avini have shown remarkable leadership in bringing about this outcome, and each deserves enormous credit for their roles in the process. 

Wishing you all a wonderful holiday season.